Suburb Profile Report for Richmond VIC (3121)

Richmond House: Median price $1,260,000, Annual capital growth 7.15%, Number of sales 262, Weekly median advertised rent $650

Richmond Unit: Median price $558,500, Annual capital growth 3.79%, Number of sales 416, Weekly median advertised rent $450

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report

VIC has seen average median house prices change by 11.73% which means that Richmond, 3121 has done well for property investors by showing a capital gain of 3.28% over the last year

The five-year average increase in median property values for Richmond,3121 has given property investors a potential capital gain of 57.70% across each of those five years.

Our latest figures would indicate that property sellers in Richmond are currently offering property investors an average price cut of -4.38% below the asking price at the moment.

Often selling an investment property can take time, and in Richmond the average time real estate has been on the market is 30 days.

Over the last year, property investments in Richmond, 3121 have given investors a capital gain of 1.55%. This compares badly with the 6.72% for VIC as a whole.

Across a shorter period, Richmond, 3121 has seen a median price increase of -0.36% over the last quarter.

Richmond, 3121 is offering VIC ‘s 12th most discounted properties when looking at the average discount being offered by vendors. This puts it in the middle of discounts offered by this VIC.

At number 296 in a list of fastest selling suburbs, Richmond is in the bottom 30% of suburbs in Australia with an average of days on market 64.57 for properties listed there.

Richmond is 157th on a list of best yielding suburbs for rents in VIC with a 4.19% return

Metrics i HOUSE UNIT
$1,260,000 $558,500
0.80% -0.36%
3.28% 1.55%
7.15% 3.79%
$650 $450
262 416
2.68% 4.19%
30 64.57

Source: CoreLogic

DSR Score for property investment : Good (U), Good (H)
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Demographics
Total population 23814
Median household income ($/weekly) 1697
Median age of persons 33
Median housing loan repayment ($/monthly) 2383
Average household size 2.1
  • Census Count Percent(%)
    20-24 years 1977 8.3
    25-34 years 7395 31.1
    35-44 years 4007 16.8
    45-54 years 2555 10.7
    55-64 years 2166 9.1
    Others 5714 24.0
    Age Group
    Census Count Percent(%)
    Not Married 9944 53.1
    Registered Married 5728 30.6
    Defacto Relationship 3065 16.4
    Social Marital Status
  • Census Count Percent(%)
    Australia 14307 65.0
    Papua New Guinea 728 3.3
    United Kingdom 1001 4.5
    Viet Nam 1335 6.1
    Other 1405 6.4
    Others 3233 14.7
    Country of Birth
    Census Count Percent(%)
    Buddhism 1859 8.8
    Christianity 10411 49.2
    Hinduism 239 1.1
    Islam 299 1.4
    No Religion 8057 38.1
    Others 277 1.3
    Religious Affiliation
  • Census Count Percent(%)
    $1,500-$1,999 1054 11.3
    $2,000-$2,499 806 8.7
    $2,500-$2,999 1288 13.8
    $3,000-$3,499 697 7.5
    $4,000 or more 802 8.6
    Others 4664 50.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 10339 52.3
    Not in the labour force 4879 24.7
    Employed, worked part-time 3202 16.2
    Employed, away from work 700 3.5
    Unemployed, looking for work 649 3.3
    Person Characteristics
  • Census Count Percent(%)
    Managers 2328 16.3
    Professionals 5626 39.5
    Community & personal service workers 1087 7.6
    Clerical & administrative workers 1935 13.6
    Sales 1128 7.9
    Others 2142 15.0
    Occupation
    Census Count Percent(%)
    Infants/Primary 863 19.5
    Secondary 652 14.7
    Technical or Further Educational Institution 540 12.2
    University or other Tertiary Institutions 1845 41.6
    Other type of educational institution 296 6.7
    Others 239 5.4
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Flat, unit or apartment 8020 37.1
    Separate house 7061 32.7
    Semi-detached, row or terrace house, townhouse 6405 29.7
    House or flat attached to a shop, office 106 0.5
    Improvised home, tent, sleepers out 4 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 5555 55.2
    Being purchased 2436 24.2
    Fully owned 2018 20.1
    Other tenure type 50 0.5
    Tenure Type
Census 2011, ABS
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